$($Questions $8-11)$ Use the information below to answer the following questions.

On December $31,2021,$ Reagan Inc. signed a lease with Silver Leasing Co$.$ for some equipment having a seven$-$year useful life. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December $31,2027.$ There is no purchase option, and Reagan guarantees a residual value $($the same as estimated residual value$)$ on termination of the lease.

Silver Leasing Co$.\text{'}$s lease amortization schedule appears below:

$\backslash$table$[[\backslash$table$[[$Dec$.31],[2021]],$Payments,Interest,$\backslash$table$[[$Decrease in$],[$Balance$]],\backslash$table$[[$Outstanding$],[$Balance$]]],[2021,$$$90,000,,$$$90,000,$$$519,115$